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Nigeria: Pension Fund to Hit N1.68tr in 2039, Says Commission
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Leadership (Abuja)
15 May 2008
Posted to the web 15 May 2008
By the year 2039, the National Pension Fund is expected to generate not less than N1.68 trillion.
The Fund has so far generated N874 billion since the scheme took off in 2004. In a remark at the public hearing on the problems associated with the implementation of the Pension Reform Act of 2004 at the Senate on Wednesday, the Director-General of the National Pension Commission, Malam Muhammad Kabir Ahmad, stated that the Federal Government had been setting aside five per cent of its monthly wage bill since July 2004.He also disclosed that within the Commission's three and a half years of operation, it had issued various guidelines on all aspects of the operations of the new pension industry.
Specifically, the Commission, according to Ahmad, has licensed 25 Pension Fund Administrators (PFA), seven Closed Pension Fund Administrators (CPFA) and has approved 18 Pension Schemes for continuation. Ahmad said that the N874 billion so far generated by the Commission was being invested in various instruments as required by law. Meanwhile, the Senate has directed its Committee on Establishment and Public Service to come up with appropriate suggestions on how to resolve the crisis that had made the implementation of the 2004 Pension Reform Act very difficult, especially as related to the early payment of pensions.(NAN)
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